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In March 2025, Canada's housing starts experienced a significant decline, with a 3.3% decrease in the national seasonally adjusted annual rate (SAAR), dropping from 221,405 units in February to 214,155 units. The six-month moving average also fell by 0.7% to 235,316 units. Municipalities with populations of 10,000 or more saw a 2.8% month-over-month decrease, from 209,093 to 203,285 units, and a 12.5% year-over-year decline, from 17,052 to 14,924 units.

​ The most pronounced declines were observed in Toronto and Vancouver. In Toronto, housing starts plummeted by 65% year-over-year, driven by decreases in both multi-unit and single-detached starts. Vancouver experienced a 59% drop, primarily due to a reduction in multi-unit starts. In contrast, Montreal saw a significant increase, with housing starts rising by 138% compared to March 2024, fueled by a surge in multi-unit developments.

​ This downturn in housing starts aligns with a broader slowdown in Canada's housing market. The Canadian Real Estate Association reported a 9.3% year-over-year decrease in home sales for March, marking the lowest level for that month since 2009. Factors contributing to this decline include high construction costs, tariff uncertainties, and reduced demand, which have collectively impacted the feasibility of new housing projects.

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